Microsoft’s strong performance in its cloud computing business helped the company exceed estimates for its fiscal third quarter. The stock surged in after-hours trading following the earnings report.
For the quarter ended March 31, Microsoft reported earnings of $2.94 per share on sales of $61.9 billion. Analysts had anticipated earnings of $2.82 per share on sales of $60.9 billion, but Microsoft managed to top expectations thanks to its impressive growth in cloud computing.
In the same quarter a year ago, Microsoft earned $2.45 per share on sales of $52.9 billion, showing that the company has been consistently performing well over time. After the earnings report, Microsoft’s stock rose more than 4% in after-hours trading to $416.74, indicating investor confidence in the company’s continued success.
During the regular trading session on Thursday, however, Microsoft’s stock had dropped 2.5% to close at $399.04, highlighting the volatility that can sometimes occur with technology stocks. Nonetheless, Microsoft remains a highly respected and valuable company in the technology industry and is included in several prestigious lists such as Long-Term Leaders and Tech Leaders as well as one of the Magnificent Seven stocks which indicates its strong performance in market .
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